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Marriage and Consumption Insurance: What's Love Got to Do with It?

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Author Info
Gregory D. Hess

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Abstract

When markets are incomplete, individuals may choose to marry to diversify their labor income risk. Love, however, can complicate the picture. If love is fleeting or the resolution of agents' income uncertainty occurs predominantly later in life, then marriages with good economic matches last longer. In contrast, if love is persistent and the resolution of uncertainty to agents' income occurs early, then marriages with good economic matches are more likely to be caught short with too little love to save a marriage. Consequently, once married, the partners will be more likely to divorce. Evidence is provided to distinguish between these alternative scenarios.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 112 (2004)
Issue (Month): 2 (April)
Pages: 290-318
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Handle: RePEc:ucp:jpolec:v:112:y:2004:i:2:p:290-318

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Laurence J. Kotlikoff & Avia Spivak, 1979. "The Family as an Incomplete Annuities Market," NBER Working Papers 0362, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  3. Gregory D. Hess & Kwanho Shin, 1999. "Risk sharing of disaggregate macroeconomic and idiosyncratic shocks," Working Paper 9915, Federal Reserve Bank of Cleveland.
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  4. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November. [Downloadable!] (restricted)
  5. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June. [Downloadable!] (restricted)
  6. David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1991. "International real business cycles," Staff Report 146, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  7. Hess, Gregory D. & Shin, Kwanho, 1998. "Intranational business cycles in the United States," Journal of International Economics, Elsevier, vol. 44(2), pages 289-313, April. [Downloadable!] (restricted)
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  8. Cochrane, John H, 1991. "A Simple Test of Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 957-76, October. [Downloadable!] (restricted)
  9. Mace, Barbara J, 1991. "Full Insurance in the Presence of Aggregate Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 928-56, October. [Downloadable!] (restricted)
  10. Ogaki, Masao & Zhang, Qiang, 2001. "Decreasing Relative Risk Aversion and Tests of Risk Sharing," Econometrica, Econometric Society, vol. 69(2), pages 515-26, March.
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  11. Murphy, Kevin M & Topel, Robert H, 1985. "Estimation and Inference in Two-Step Econometric Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(4), pages 370-79, October.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ralph Chami & Gregory Hess, 2002. "For Better or For Worse? State-Level Marital Formation and Risk Sharing," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  2. Martin Halla & Johann Scharler, 2008. "Marriage, Divorce and Interstate Risk Sharing," Economics working papers 2008-16, Department of Economics, Johannes Kepler University Linz, Austria. [Downloadable!]
    Other versions:
  3. Martin Browning & Laura Blow & Mette Ejrnaes, 2009. "Marriage and consumption," Economics Series Working Papers 427, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
    • Laura Blow & Martin Browning & Mette Ejrnæs, 2009. "Marriage and Consumption," CAM Working Papers 2009-07, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics. [Downloadable!]
  4. Michael Svarer & Helena Skyt Nielsen, 2006. "Educational Homogamy: Preferences or Opportunities?," Economics Working Papers 2006-10, School of Economics and Management, University of Aarhus. [Downloadable!]
    Other versions:
  5. Oddbjørn Raaum & Bernt Bratsberg & Knut Røed & Eva Österbacka & Tor Eriksson & Markus Jäntti & Robin Naylor, 2007. "Marital Sorting, Household Labor Supply, and Intergenerational Earnings Mobility across Countries," IZA Discussion Papers 3037, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  6. John M. Nunley, 2007. "The Effects of Household Income Volatility on Divorce," Working Papers 200718, Middle Tennessee State University, Department of Economics and Finance. [Downloadable!]
  7. Nzinga Broussard & Ralph Chami & Gregory Hess, 2003. "(Why) Do Self-Employed Parents Have More Children?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  8. repec:bep:eapadv:v:7:y:2008:i:2:p:1767-1767 is not listed on IDEAS
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